However, where some other cards provide this functionality for free, First Premier charges $3.99 a month for the service. The sole benefit, practically, is its access to Premier Credit Manager, a service that allows you to review your credit score and credit report from Experian.
This card from First Premier Bank has very few benefits indeed, as is the case with most cards designed to build credit. This, then, is not a card for those who hope to get credit and yet can’t come up with money to begin that process. However, while the First Premier Mastercard involves no security deposit, you must have up to $95 on hand for its program fee soon after you are approved for the card, and other charges follow. It’s also for such people who prefer not to (or cannot) come up with the security deposit required for a secured card, the leading alternative for those with no or damaged credit who want to improve their creditworthiness. The First Premier Mastercard is designed for applicants with poor credit (which Experian, one of the three credit bureaus, defines as having a credit score of between 300 and 579) who want to build or restore their credit history (the card’s transactions are shared with those agencies). Indeed, this APR is so high as to exceed the allowable limits under New York State regulations and those governing military lending, meaning that New Yorkers and those serving in the military are prohibited from getting the First Premier Mastercard. But the rate charged by the First Premier Mastercard-an eye-popping and arguably usurious 36% APR-may be unprecedented for any card. Exceptionally High APR: You expect a high APR on a balance carried over on a card that serves those with no or damaged credit.Authorized-user fee: Additional cards for a spouse or child cost $29 each.For example, if your credit limit increased by $200, you’d have to pay a $50 fee to actually receive the higher limit. However, if approved, you’ll pay a fee of 25% of the increase. Credit-limit increase fee: After 13 months, you could qualify for a credit limit increase.Monthly service fee: While waived for the first year, these can subsequently total as much as $124.80 a year after that.Program fee: A one-time fee can range as high as $95.The charges vary accordingly to your credit limit, and include: Extensive and Expensive Fees: This card’s multiplicity of fees really add up, even compared with other such cards.The First Premier Mastercard is an unsecured card for which you can be approved even if your credit is poor, albeit with an initial credit line that could be as low as $300. No Security Deposit is Required: Since traditional (unsecured) credit cards are largely unavailable to people with poor credit or no credit history, such consumers typically have to sign up for a secured card, which requires a security deposit that also serves as the card’s credit limit.
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